[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4096 Introduced in House (IH)]







109th CONGRESS
  1st Session
                                H. R. 4096

   To amend the Internal Revenue Code of 1986 to extend to 2006 the 
  alternative minimum tax relief available in 2005 and to index such 
                         relief for inflation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 20, 2005

   Mr. Reynolds (for himself, Mr. Simmons, Mr. Shaw, Mr. Herger, Mr. 
English of Pennsylvania, Mr. Foley, Mr. Lincoln Diaz-Balart of Florida, 
Mr. Walden of Oregon, Mr. Hunter, Mr. McHugh, Mr. King of New York, Mr. 
 McCotter, Mr. Kuhl of New York, Mr. Paul, Mr. Sessions, Mr. Fortuno, 
  Mrs. Capito, Mr. Hostettler, Mr. Murphy, Mrs. Kelly, Mr. Bishop of 
Utah, Mr. Gary G. Miller of California, Mr. Garrett of New Jersey, and 
 Mr. Linder) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to extend to 2006 the 
  alternative minimum tax relief available in 2005 and to index such 
                         relief for inflation.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stealth Tax Relief Act of 2005''.

SEC. 2. EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF TO 2006.

    (a) In General.--Subparagraphs (A) and (B) of section 55(d)(1) of 
the Internal Revenue Code of 1986 are each amended by striking ``and 
2005'' and inserting ``, 2005, and 2006''.
    (b) Inflation Adjustment.--Subsection (d) of section 55 of such 
Code is amended by inserting after paragraph (3) the following new 
paragraph:
            ``(4) Inflation adjustment.--
                    ``(A) In general.--In the case of any taxable year 
                beginning in calendar year 2006, the $58,000 amount 
                contained in paragraph (1)(A) and the $40,250 amount 
                contained in paragraph (1)(B) shall each be increased 
                by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        determined by substituting `2004' for `1992' in 
                        subparagraph (B) thereof.
                    ``(B) Rounding.--Any increase determined under 
                subparagraph (A) which is not a multiple of $50 shall 
                be rounded to the next lowest multiple of $50.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2005.
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